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socrateaser, Attorney

Category: Bankruptcy Law

Satisfied Customers: 36058

Experience: Attorney and Real Estate Broker -- Retired (mostly)

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I am in the last year of by repayments for my bankrupcy. Is

Resolved Question:

I am in the last year of by repayments for my bankrupcy. Is it possible that once the balance is down to $5000.00 I can pay that in one lump sum and be done with the monthly payments without reprocussions?

Yes, it's possible. You could pay the trustee the remaining balance and then ask the court to order the case discharged early. But, the trustee may start wondering where that money came from, and whether you have been "hiding the ball," if you catch my meaning. So, paying off the debt early could backfire, and if nothing else, may create additional questions and perhaps even court action to try to discover why you have all this additional disposable income.

Hope this helps.

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Okay then, could I request to lower the monthly payments due to a change in income and the fact that we are experiencing a bigger hardship with the payment at the level it is now? Keeping in mind that I do not want to add additional payments and would like to have the bankrupcy over and done so that we may move on in our life?

I will tell you that...the things you have to go through to be an Expert are quite rigorous.

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